The new NFT platform, Palm, is looking to innovate the use of NFTs by leveraging blockchain technology in a way that opens up more creative avenues for users. They will be building the platform’s ecosystem around NFTs as ‘social objects.’
The thesis is that a social object is “an immutable vessel filled with an idea that allows us to interact with each other in new ways.” NFTs have unique attributes, which provide an opportunity for growing new ways of social interaction. As we know, NFTs can be sent, burned and changed based on their integration with a smart contract, this opens up many different doors for empowering creators and IP owners.
The Palm team has not yet released any further information on how the social object thesis will be integrated into the platform, but it is clear that the next step forward for NFTs is more flexibility and utility, which is one of the main goals of the platform.
Palm has not yet launched and is currently open for applications from creators. The platform is designed to benefit artists and creators with its low gas costs, fast transaction finality, and scalability. Their first collaboration will be ‘The Currency Project’ by Damien Hirst, made up of 10,000 works on paper tied to corresponding NFTs. Palm will be launching with several partners from the crypto space, including Uniswap, $MEME, Nifty’s, Protocol Labs, MetaMask, and Infura.
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.